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  • Blackwell Publishing Ltd  (4,246)
  • 1980-1984  (4,246)
  • 1925-1929
  • 1983  (4,246)
  • 1
    Electronic Resource
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 2
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 3
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 4
    Electronic Resource
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 5
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 6
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 7
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 8
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 9
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    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 35 (1983), S. 0 
    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 10
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 11
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 12
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 13
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 14
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 15
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    Oxford, UK : Blackwell Publishing Ltd
    Singapore journal of tropical geography 4 (1983), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 16
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: It has often been argued that the monopolistic position of building societies and the lack of constraints on policies of their managers has brought inefficiencies and managerial utility maximising results. This may be seen in society growth policies and their expense preference behaviour. When there is increased competition affecting margins some building societies may earn insufficient profits so as to threaten their financial stability. The present study uses multiple discriminant analysis to study the period 1978–1980 and verifies the hypothesis that both growth and expense preferences caused profit insufficiency which could lead to financial distress.
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  • 17
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Economic conditions have placed increased importance upon rigorous financial analysis. In order to determine which analytical techniques are currently emp loyed by management, a questionnaire was sent to each fm on the May 1980, FORTUNE 500 list. The researchsought to establish a profile of the respondents' organizational structure and to identify the primary procedures used in risk assessment, working capital management, capital budgeting, and operations research modeling. The results do suggest a basic profile of the more active employers of analytical techniques. Relatively sophisticated capital budgeting procedures appear to be accepted across most industries, and many firms support their decision making with a “package” of formal tools.
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  • 18
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This reply extends the contention that fhancial ratios cannot be used comparatively with any safety. It is shown that the obstacles posed by Horrigan for residual analysis may easily be overcome.
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  • 19
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In America in the 1950s it was observed that large public corporations were portraying their sense of social responsibility through an analysis of gross income in various forms of supplementary accountings. Suojanen (1954) considered these accountings and their setting and then proposed the production value added statement as an appropriate accounting for the situation. The recent use of value added statements in the United Kingdom has prompted this examination of the enterprise theory and resulted in strengthening some of its assump tions and extending its accounting. The main extension is the separation of the rewards of management from those of other employees.
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  • 20
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Event studies have become one of the most important methodological approaches to empirical research in frnance and accounting. This paper discusses the nature of event studies, differentiating the four basic types: information content, market efficiency, model evaluation and metric explanation. A structure is identified for the conduct of event studies and the steps discussed. Specific studies in the literature are cited as illustrations of various points. Finally, a number of issues of interpretation, evaluation and design are discussed which are crucial to the effective conduct and understanding of an event study.
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  • 21
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper uses an economic model to develop a conceptual basis for the gearing adjustment used in current cost financial statements. It is shown that it is necessary to adopt the entity view of the business enterprise and some very restrictive assumptions; in particular, it is assumed that the business maintains its current cost gearing ratio. Even with restrictive assumptions, however, the SSAP 16 gearing adjustment cannot be derived. Furthermore it is concluded that gearing adjustments could be completely avoided by reporting current cost operating profit together with total monetary holding gains.
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  • 22
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Most prescriptive external accounting is based upon the notion of increased welfare, and all existing accounting theory is predicated upon the decision-usefulness criterion. This paper challenges the application of this criterion by demonstrating that it need not (as such theory implies) lead to enhanced welfare, and evidence is presented to support this. It presents instead a model for external accounting which is founded on an enriched model of welfare and is contingent on varying levels of societal environmental complexity.
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  • 23
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper addresses (1) the nature and pervasiveness of organisational constraints, frnancial and otherwise, on investment, and (2) the corporate characteristics and capital budgeting behaviour of capital-constrained firms for a sample of 126 UK companies. The results indicate that corporate size, risk and profitability are important corporate characteristics in this regard, and that financially-constrained firms tend to adopt naive capital budgeting methods in resolving the capital rationing problem.
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  • 24
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The firms marginal cost of debt capital was interpreted in this author's previous publications as the “full marginal cost of relaxing the money capital availability constraint'’ when the incremental money capital employed takes the form of debt capital. Account is thereby taken of the effects on financing costs of the increased risk exposure that debt financing implies for both debt and equity holders. The present paper clarifies a misconception in a recently published paper by Draper and Findlay, and exhibits the linkage between concepts relevant to the firm's fmancing decision and the general marginal analysis.
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  • 25
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This Comment discusses tests on the extent of oligopolistic pricing and product differentiation in the accounting services market made by Pound and Francis recently in this journal. It is argued that the results obtained from that study are misleading, primarily because the testing does not include data on price mark-ups.
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  • 26
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper briefly surveys some recent “empirical” international classifications. It suggests that their data contains errors and is not designed for classification, and that their methodology relies upon the doubtful data to generate hypotheses rather than to test them. This paper proposes a hypothetical classification which is more detailed and defines its universe more precisely than previous research. The testing selects factors deemed to represent fundamental aspects of difference in measurement practices, and scores these overtly and with explanation. Analysis is performed in several ways, including computer-assisted clustering techniques. The results seem to confirm the hypothetical classification, and to be consistent with (but more detailed than) some earlier classifications.
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  • 27
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The goal of this investigation is to provide additional evidence concerning the incremental information content of the 10-K from the aggregate market perspective. As in Foster and Vickrey (1978), the phrase, incremental information content of the 10-K, refers to the information content of the data set in the 10-K which is in excess of that which is contained in the related annual report to shareholders and other preceding announcements such as earnings releases. The statistical procedures seem to imply that the 10-K did not, in general, possess incremental information content from the aggregate perspective for the firms considered herein.
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  • 28
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In practice it seems that the identification of impending failure is a much more gradual process than appears to be implied by discriminant and similar models. This paper, after examining the methodological problems associated with such research and reviewing previous work in this area, reports the behaviour of share price relatives of 20 British companies which failed between 1960 and 1971. It appears that on average analysts began to perceive a fum's financial difficulties some five years prior to bankruptcy, which would seem to support the view that the market refers to a broad data set in assessing a company's solvency position.
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  • 29
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In a recent paper Bird and Locke concluded “that a freely operating market for accounting information, unencumbered with disclosure requirements, can work efficiently”. The purpose of this Comment is to explain why this conclusion is unjustified. In particular it argues that our present understanding of the socalled ‘Market’ for information is so limited that no presumption, either for or against the efficiency of this market, can be given unequivocal theoretical support.
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  • 30
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The linkage between financial valuation and the product and factor markets faced by the firm is an area that is rapidly developing in the literature. The purpose of this paper is to demonstrate the theoretical bridge between systematic risk and price elasticity of demand for a firm's output. The primary theoretical result indicates that price elasticity of demand, the certainty equivalents of the random demand parameter and variable cost, and their respective covariances with the cash flow of the market portfolio are key determinants of systematic risk and thus a firms's cost of capital.
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  • 31
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This short paper applies the economists' concept of consumer surplus to the accountants' concept of value to the owner. It is shown that the two relevant concepts of consumer surplus - the equivalent consumer surplus and the compensating consumer - result in valuations that differ from the traditional Solomons, et al., analysis. This proposition is established by use of traditional neoclassical demand theory. It is also shown that whilst the analysis is essentially of a short run nature this is also true of the accountants' concept of value to the owner.
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  • 32
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The purpose of this study was to evaluate the relative merits of performance indicators derived from either an income statement and a balance sheet both based on accrual accounting, or cash flow accounting. The balance sheet number showed lower variability and a higher persistency than the cash flow accounting and the income statement numbers. This phenomenon was attributed to an income smoothing distortion and a selective market response hypothesis. One implication for the standard setting bodies may be to favour an asset/liability view of earnings rather than either a revenue/expense or cash flow view.
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  • 33
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Book reviewed in this article:MILLER'S COMPREHENSIVE GAAP GUIDE by Martin A. MillerAN INTERNATIONAL COMPARISON OF INFLATION ACCOUNTING STANDARDS by Bryan CarsbergACCOUNTING AND BUSINESS RESEARCH
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  • 34
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study analyzes whether it is appropriate to use the percentage of qualified opinions issued by an auditor as a measure of his auditing standards, as is often done. It points out that incentives exist for auditors to specialize by auditing standards, and for clients to self-select on this dimension. As a result, even if auditing standards affect the propensity to issue qualified opinions, the observed percentages of qualified opinions will not necessarily reflect differences in auditing standards. This proposition is supported empirically with US data. A sample of auditors was split between a “higher standard” and a “lower standard” category based on the percentage of qualified opinions issued. After controlling for client firm size, leverage, systematic risk and “unexpected” earnings, auditing standard category is found to have no significant relation with firm-specific stock returns.
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  • 35
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Lev has indicated that the decomposition measures of failed firms are larger than those of non-failed firms and concludes that decomposition measures may be usefully included in financial failure prediction models. This paper extends the use of decomposition measure concepts for financial failure prediction. Firstly, on a univariate basis, attributes of decomposition measures are tested for discriminating ability between failed and non-failed companies. Secondly, all decomposition measures tested are used to derive a discriminant analysis model for failure prediction. The paper concludes that (1) the stability and size of some balance sheet derived decomposition measures discriminate between failed and non-failed companies as far as four years before failure, and (2) a discriminant analysis model of balance sheet derived decomposition measures is not successful at predicting financial failure.
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  • 36
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: SEC Accounting Series Release No. 177 required independent auditors to make a limited review of summarized quarterly data included in annual reports. This paper examines the reaction of investors to earnings announcements based on financial statements subject to limited review relative to announcements when no auditor involvement was required. The reaction of market participants is measured by an abnormal daily return metric of the common stock surrounding the published earnings announcement in The Wall Street Journal. As hypothesized, no difference in investor reaction is observed for the sample of firms subject to limited review for the 1977 fiscal year, but exempt in the 1976 fiscal year.
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  • 37
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Book reviewed in this article:APPLIED AND SOCIAL SCIENCES by R.V. Mattessicha.ACCOUNTING FOR A SIMPLIFIED FIRM OWNING DEPRECIABLE ASSETS eds. Robert R. Sterling and Arthur L. Thomas.
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  • 38
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This short paper shows that the results of Professor Booth's application of the Time State Preference framework to the negative risk premium problem are in fact consistent with the analysis presented in Berry and Dyson (1980). Professor Booth's criticisms of this earlier paper are thereby shown to be invalid. Some further comments are then offered about the phenomenon of negative risk premia.
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  • 39
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: There is some a priori support in the literature for using budgets as external financial reports, both before the financial year and afterwards. There is also some support for having these budgets audited. A questionnaire was sent to six hypothesised user groups in two local authority areas to determine whether there was empirical support for the a priori positions. The responses revealed wide support for making budget figures publicly available, both before and after the fmancial year. Support for auditing these budgets came only from external user groups (excluding members of parliament).
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This research employs the residual methodology to examine whether gains to shareholders exist through international diversification. Under the assump tion that bid premiums (abnormal returns) are a proxy for expected gains in a merger, the magnitude of abnormal returns to acquired f m s in foreign and domestic mergers is determined using the market model. Any significant difference is imputed to expected gains from international diversification. Results indicate that although differences appear to exist, these differences are insignificant when method of payment and merger type are considered.
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper fnst discusses the results of previous empirical and theoretical work relating to multiple objectives. It then reports on a survey carried out in 1978 by means of a questionnaire circulated to the top 500 companies. The paper finds that despite strong evidence of multiple objectives, the profit motive is dominant, although there is evidence of growth as a significant objective.Proxy goals for a single primary objective function are found to be present, particularly in relation to risk. Finally, the implications of these results for accounting and finance are discussed.
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    Journal of business finance & accounting 10 (1983), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Many investment decision models are formulated on the basis of certain assumptions regarding investor's tastes combined with the assumed objective of expected utility maximization. The rules are often expressed in the form of a finite number of moments of the returns distributions, depending on the specific utility function restrictions imposed. For example, mean/variance decisions have been derived using the assumption of a quadratic preference function. Borch (1969) and many others have demonstrated the ambiguity of mean/variance decision rules based on this specific utility functional form. In this note, Borch's findings are extended t o all investment decision rules based on the assumption of any finite order utility function for a general class of risk averters.
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    Journal of business finance & accounting 10 (1983), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper challenges recent results showing that under uncertainty firms can use the security market line criterion to evaluate investments in monopolised product markets. The paper looks at the simplest certainty case and shows mathematically and graphically that no unanirriously supported investment criterion can be derived to evaluate projects with monopoly power. Hence, they cannot possibly be derived on the more complicated uncertainty case, even given the restrictive assumptions necessary to derive the SML. Unanimity breaks down with monopoly power.
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    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This comment argues that proposals to replace financial ratio analysis with regression analysis of the separate ratio components are unnecessary and misguided. Financial ratios are used to predict other variables and not to predict their own components. These ratios also help deal with the size scale problem inherent in regular accounting data, but regression error terms would suffer from the same size effect as the regular data. The actual statistical distribution of financial ratios is an open, important question, but that question in itself does not call for an abandonment of fmancial ratios.
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    Topics: Economics
    Notes: In this paper the relationship is examined between the average return and the risk of a sample of 144 French common stocks which traded continuously over the decade 1969–1979. Although it was found that a negative relationship existed between average return and systematic risk, sufficient evidence could not be gathered to reject the hypothesis that the pricing of French common stocks conforms to the Capital Asset Pricing Model. The nature and implications of the observed negative risk-return trade-off are discussed.
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    Journal of business finance & accounting 10 (1983), S. 0 
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    Topics: Economics
    Notes: Dominance criteria are established for problems of choice between alternative discrete investments where financial markets have unequal borrowing and lending interest rates. In the general case, the necessary and sufficient condition for all investors to prefer cash flow Q to cash flow R under non-satiety, is that Q can be converted to a superior flow to R - element by element. Where negative arguments of the decision maker's utility function are prohibited, it is necessary and sufficient that realisable value for Q exceeds realisable value for R at all times. A four stage procedure completes the decision making process where no inter-project dominance exists.
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    Notes: This note extends the economic model used by Scapens (1978 and 1979) to develop a neoclassical measure of profit. A certainty equivalent formula in a multiperiod framework is used to introduce uncertainty into the analysis. It is demonstrated that the measure of economic profit developed in earlier papers is not crucially dependent upon the assumption of certainty.
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    Notes: Most failure prediction models developed over the past fifteen years have been based on firms' financial characteristics one year before they collapsed. This article reports the results of a study employing multiple discriminant analysis on a sample of fifty-three British companies which failed over the period 1960–1971. Models were developed on various financial ratios and an industry indicator for each of the five years, prior to failure, and the results in fact show that the model developed from data five years before failure performed at least as well as that derived one year prior to bankruptcy.
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    Notes: Assuming that a portfolio manager selects a portfolio by maximizing the returnto-risk ratios of the securities that constitute the portfolio, the performance of this “heuristic” is sensitive to the choice of risk measure in the return-to-risk ratio. Using sixty month holding periods and second degree stochastic dominance to evaluate the performance of the portfolio selection heuristic; the mean absolute deviation, beta and target semivariance were found to be superior to the variance and the mean semivariance. In addition, the heuristic with the superior risk measures provided performance comparable to the optimal single index model.
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    Topics: Economics
    Notes: Prediction has been a central theme in much of the accounting research and theory construction and verification over the past decade. Largely ignored in such studies has been consideration of the statistical properties of accounting measures, particularly as related to the effects of those properties on the signals from prediction models that use accounting measures as inputs. This study was designed to provide preliminary insight into the magnitude of the effects of this omission, and a bankruptcy prediction model was selected to facilitate the analysis. Results indicate that the linear discriminant model (as applied to prediction of failure) is sensitive to departures of inputdata distributions from multivariate normal.
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    Notes: The purpose of this study was to propose and evaluate different methods for measuring and reporting exchange gains and losses on corporate monetary items. Focusing on the Swedish experience, the empirical validity of three laws/monetary relationships from economic theory were examined for currencies in the Swedish ‘basket’ for the period 1974–1981. The basic overall finding of the study was that a method based on the Purchasing Power Parity Theory appears generally superior to methods based on either Fisher's Open Relationship or the Interest Rate Parity Theory, and also superior to the currently favoured use of the closing rate.
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    Notes: Easily calculated sign tests are presented for analyzing the net present value characteristics and the number of internal rates of return of two important practical cases of cash flow patterns with multiple sign changes. Using two tables which summarize the test procedures, it is possible for a decision maker to economically proceed from simple to more advanced procedures (as needed) when analyzing these cash flow patterns. Also considered is a deceptive feature of certain investment projects which have cash flows with multiple sign changes and a unique internal rate of return. A sign test is presented for ruling out this potential problem.
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    Notes: The risk adjustment parameters of the certainty equivalent and risk adjusted discount rate models are defined under the additive time-state-preference valuation. Bounding numerical values of such parameters before estimation starts is of little help when expected cashflow value is close to zero or if the cashflow is a mixture of contingent in - and outflows. A constant parameter over time involves very restrictive cashflow and valuation assumptions in either model. Intuition may be a poor guide for a priori sefecting a class of time profiles, particularly so if the cashflow changes sign over time.
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    Notes: Book reviewed in this article:HANDBOOK OF INTERNATIONAL BUSINESS ed. by Ingo WalterAUDITING RESEARCH: ISSUES AND OPPORTUNITIES by A.G. Hopwood, M. Bromwich and J.C. ShawAUDITING SYMPOSIUM VI edited by Donald R. Nichols and Howard F. StettlerFINANCIAL CONTROL OF DIVISIONAL CAPITAL INVESTMENT by R.W. Scapens, J.T. Sale and P.A. Tikkas
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    Notes: Arguments are given to support the hypothesis that corporate earnings per share are predictable by simple forecasting models. If income numbers have predictable properties, growth is predictable and theories of corporate valuation become more credible. Notions that EPS growth are completely unpredictable are disputed.
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    Notes: This paper presents a comparison of the Black-Scholes and Kassouf models for the pricing of options. Graphical presentations of simulated call option prices show the effects of changing the different variables on the prices of options. An empirical study using observed option prices shows that there is little practical difference between the values given by the two models, and that an investment strategy based upon using either of the two models would yield about the same return.
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    Notes: This paper has three purposes: (1) to describe concisely the nature and the form of the Cameralistic method of accounting; (2) to evaluate the historical significance of the method in the light of the more general movement of mercantilism which prevailed at the time of its development, and (3) to discuss briefly the role and contribution which the method has made to the development of financial accounting techniques. The Cameralistic method is shown to have an integral stewardship system of admirable perfection, given its single entry base.
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    Notes: This paper assesses the problems of using a simplified firm of the typehggested by Sterling and Thomas (1979) to develop internal pricing and output levels generally and for cost-volume-profit calculations specifically. The particular choice of industry in this case makes more complicated the development of such internal accounting information. The paper specifies the unusual operating conditions that exist in this industry and the problems that these cause when deriving useful cost-volume-profit information for pricing and output decisions.
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    Notes: The aim of this paper is to report the results of an Australian empirical study which examined a number of testable implications of the original Black and Scholes (B-S) Option Pricing Model, and a variant of the model, that incorporates the dividends paid on the underlying security. The results do not support the notion that the B-S model prices options “correctly” within the Australian Options Market.
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    Notes: In August 1978, the Securities and Exchange Commission (SEC) announced its intention to employ Reserve Recognition Accounting, and also issued Accounting Series Release No. 253 which in substance overruled Statement of Financial Accounting Standards No. 19 (SFAS 19), “Financial Accounting and Reporting by Oil and Gas Producing Companies.” There are relatively few cases where accounting promulgations have been reversed, and these cases merit careful analysis. Accordingly, this research employs an identical methodology and sample of an earlier study (Benjamin and McEnroe, 1981) in order to ascertain the security market effect of the SEC's overruling of SFAS 19. The a priori expectation would be that the SEC intervention should cause a reversal of any security market effects found in the prior study.
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    Notes: Estimation theory in accounting explains how accountants allocate noncash expenditures to estimate such concepts as the firm's long run rate of return. If the accountant's goal in estimation is some high degree of precision, the usefulness of financial reports can be evaluated in light of that goal. In this study, the property of unbiasedness is identified with respect to the purposes of interim financial reports. Furthermore, the magnitude of the bias in estimates from financial reports is measured.
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    Notes: The impact of financial institutions' equity trading activities on share prices is examined using inflation-adjusted data. The regression results show that institutional purchasing pressure tends to raise prices and institutional selling activity tends to lower prices, but that no single financial sector may be identified as price leader within the UK equity market. These results are in complete agreement with those obtained in a previous study where the data were not corrected for inflation.
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    Notes: This paper presents the personal and corporate tax adjusted version of the cost of retained earnings, with particular reference to the problem of computing the effective rate of tax on a unit of pre tax profit when one allows for the delayed incidence of part of the tax impost. The argument is illustrated numerically and supported by a computer program which enables the user to consider and work out the effect of changing one or more variables. A term which appeared in a previous article (Lister 1981) is corrected.
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    Notes: This study considers the performance of UK Investment Trusts over the ten-year period 1968 to 1977, using the major criteria suggested in the literature. The results indicate that UK closedend funds were generally inferior (ex post) to the market portfolio (FT Actuaries All-Share Index). These findings were invariant to the particular peiformance methodology selected. When the overall test period was broken up into sub-periods it was also found that the ex post performance findings were not particularly stable or consistent over time. These results highlight the problems a fund investor would face in attempting to predict future fund performance on the basis of historical results.
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    Notes: This paper analyses the debate over accounting regulation. Accepting the need for regulation, it first rejects the view of accounts as maps before going on question the conventional wisdom that the incompatibility of “interests” means that lack of agreement on standards is inevitable. It argues that conflicts over accounting standards are the result of clashes of worldview rather than interest, and provides evidence of this by analysing the debate over three contentious standards. The conclusion is that an agreed conceptual framework is feasible, although not on the basis currently envisaged.
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    Notes: This paper develops conditions necessary for negative risk premia to emerge at the market level, and at the individual level in imperfect markets. It also correctly shows how to discount cash outflows. The model used to integrate these topics is the state-preference model of security valuation; the most general model available. The paper corrects serious errors contained in recent work published in the journal.
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    Notes: Considerable controversy has arisen over auditor involvement with interim financial statements. The Securities and Exchange Commission (SEC) has taken an aggressive stance towards the advocacy of auditor involvement. The Commission cited anticipated improvements in the predictive capacity of interim data as justification for such advocacy. This study found evidence contrary to the expectations of the SEC. Earnings per share forecast errors generated through naive predictor models did not differ significantly when auditor involvement was introduced as in input segregation criterih. Accordingly, the data suggest that auditor involvement does not affect the predictive content of interim statements. In view of the finding of the study the author recommends a reassessment of the cost/benefit structure associated with auditor involvement in interim financial statements.
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    Notes: Walker in his Comment appears to disagree with the explicandum and attempts to prove this with alternative explicans. It is a case of post hoc, ergo propter hoc. The development of a normative model or theory requires the choice of a number of assumptions. These observations or statements are themselves theory laden. Nevertheless deductions drawn from the model are either correct or incorrect according to the laws of logic.
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    Notes: This Note clarifies certain problems associated with the construction and interpretation of cash flow statements.
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    Notes: David J. Williams and Keith D. Turpie criticize the methodology used by the present authors in the original paper (Pound and Francis, 1981). Part of this criticism is specious because it rests on the untested assertion that an alternative approach would be superior. The remainder of their Comment, however, does indicate that the exact purpose of the statistical tests was not explained as clearly as it should have been. Some elaboration is provided here concerning the tests and the manner in which the tests relate to the oligopolistic nature of the Australian accounting services market for publically traded corporations.
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    Notes: This article seeks to discuss some of the issues concerning the evolving structure of the Building Society Movement in the UK during the 1970's and to present some statistical evidence for certain hypotheses concerning the performance during this period. It is hypothesized that the successful operation of the price cartel affected its performance in a number of ways; for instance, with regard to its discretionary policies. The article cites branching policies particularly of the medium sized Societies and the regression results presented cast doubt upon the efficacy of such policies, validating in turn the hypotheses of expense preference and X inefficiency. In addition, evidence is offered on the concentration and competition within the Movement which together with the apparent discretionary policies found, provide a justification, in the view of the authors, for future legislative action.
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    Notes: The increasing appeals for protection from international competition recall the follies of government and industry in the 1930s. Dr Forrest Capie challenges the conventional wisdom that attributes to protection the recovery from the 1930s Great Depression. He argues it was not resuscitation of old industries but the emergence of new industries that brought Britain out of the slump. Will Paul Channon learn the lesson?
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    Notes: An Icelandic post-graduate student at Oxford outlines a method of preventing inflation that could be applied in other countries.
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    Notes: One of the most wasteful inefficiencies of the nationalised industries is that, isolated from price signals in the market, they make mistaken investment decisions. State-run higher education is no different. Excessive investment, following the Robbins Report of 1963, has resulted in over-staffing, but university ‘managers’– vice-chancellors, heads of department, etc. – have no incentive to maximise efficiency by firing less desirable members of staff. It is the better qualified lecturers who are leaving, bribed with severance payments, to take up jobs in the private sector.
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    Notes: Mrs Thatcher's professed admiration for the family is belied by Government policy on taxation and education, as well as its attitude to divorce. Dr Papps argues that policy should avold distorting the costs and benefits of marriage, so that individuals can make informed choices about Family activity.
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    Notes: Football clubs have only themselves to blame for their current financial malaise, highlighted by the recent decision to turn down an exclusive offer for broadcasting right from BBC and ITV. They have refused to acknowledge changes in consumer demand; they have not advertised, nor shifted their grounds to more densely populated areas, and have made no efforts to attract more women to matches. They have cushioned themselves against change at the cost of increasing inefficiency.
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    Notes: Spain's Socialist government looks set to inflict the kind of damage on its economy in its first few months of office that has taken President Mitterrand two years in France. Increasing liberalism following the removal of the Franco regime has been swept away by a welter of controls and state diktats, and the economic gains of the last few years look like vanishing.
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    Notes: Nigel Lawson will meet with failure in adopting Sir Geoffrey Howe's plans for enterprise zones in Britain unless he learns from the mistakes of the Belgian E-Zones. Michael van Notten, who was instrumental in the implementation of the Belgian plan, outlines the political obstacles raised in the path of the E-Zones by empire-building bureaucrats.
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    Notes: Western governments and academics alike have neglected the dangers, long- and short-term, of the continuing and ill-considered issue of loans to countries - Poland, Mexico, etc. - whose rulers persisted with policies that have brought them to ruin. Professor Karl Brunner and five American collaborators analyse the genesis of such financial incontinence and indicate seven steps for the West to avoid international illiquidity.
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    Notes: Mr Ken Livingstone and others have used London Transport as a political plaything in recent years. John Hibbs offers a radical solution to LT's dependence on the politicians - the removal of London's Underground system from the political arena by selling lines to private business. Buses, too, offer scope for swift improvement by sale to private interests.
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    Notes: Mrs Thatcher's trade policy is not the model of free-market liberalism her opponents claim it to be David Greenaway examines the growth in ‘voluntary’ export restraints imposed by the Conservative Government on the UK's trading partners, and explains how this cost falls on the consumer by cushioning domestic inefficiency against competition from overseas.
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    Notes: The Serpell Report on British Rail was greeted by hysteria from the Opposition benches and an apparently vote-catching cold shoulder from Mr Howell and his Cabinet colleagues. But Serpell's opponents have failed to demonstrate that the supposed benefits of under-used railway lines are worth their enormous costs, both in money and in opportunities and innovations foregone.
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    Notes: Russell Lewis’ analysis of the expansion of service industries in the UK is borne out by the improvement they have made in the living standards of South African blacks. Despite the South Africa government's commitment to illiberal racial policies, it is finding itself unable to prevent blacks benefitting from the embourgeoisement of the South African black people.
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    Notes: In the last JEA Arthur Seldon argued that increasing corruption in the USSR signalled the irrepressible emergence of markets. Ole-Jacob Hoff disagrees: since neither the people of Russian nor her rulers are acquainted with any framework for capitalist exchange, they are more likely to opt for the devil they know.
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    Notes: Professor Hayek has described how institutions arise through markets as a spontaneous order. Brian Micklethwait argues that architects have neglected the requirements of society and their clients alike in misinterpreting spontaneous architectural order. Without interference from town halls and international ideology, architects and their clients can come together in the market to the benefit of all.
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    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The Icelandic government's attempt to manage Iceland's fish stocks and yet accommodate political pressure from a powerful producer group, the trawlermen, yields valuable lessons on the dangers of intervention: one government measure greates difficulties that promote calls for another.
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 90
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The rejection of the Shops Bill in the House of Commons reveals the extent to which‘representative’democracy can subvert the wishes of the majority to those of self-interested pressure groups. Lord Harris of High Cross, who was active in passing the Bill through the House of Lords, details the abuse of parliamentary democracy by Tory and Labour MPs alike, which responds to the noise made by opponents of reform rather than to the numbers who stand to gain.
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  • 91
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 92
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: With Sir Keith Joseph's espousal of a limited educational scheme, debate on vouchers has moved from their desirability to means of implementing them. Professor Peacock, one of the early British pioneers of the voucher, offers a ‘strong’ and a ‘weak’ approach.
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  • 93
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In a free market employees can become owners of their firms. Diana Spearman shows how Turkish workers have pioneered the creation of new worker-controlled companies as an even better way of worker participation than the share-ownership favoured in Britain.
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  • 94
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In the lifetime of a government ostensibly dedicated to free trade, not least in the arts, Jasper Parrott reveals how the Conservatives capitulated to entrenched union opposition, sanctioned by complaisant bureaucrats in restricting overseas orchestras playing to British audiences.
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  • 95
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 96
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    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The foreign exchanges operate in markets that are widely distrusted as unpredictable and destabilising for international trade. Roy Batchelor and Geoffrey Wood argue that history and argument show that it is government that makes the exchanges more volatile, because it adds a range of uncertainty which is the most unpredictable.
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  • 97
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Claims that Mrs Thatcher's administration is market-based ignore, not least, its protectionist trade policies, recently exemplified in the EEC's inability to sign the GATT agreement. Professor Henderson assesses the Government's disappointing policy record in trade and in industry and energy.
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  • 98
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    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 3 (1983), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 99
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    Growth and change 14 (1983), S. 0 
    ISSN: 1468-2257
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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    Growth and change 14 (1983), S. 0 
    ISSN: 1468-2257
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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