bluuebunny/crossref_metadata_2025_split huggingface dataset:
Student Performance in First Year Tertiary Accounting Courses and Its Relationship to Secondary Accounting Education
Authors: Farley A.A. , Ramsay A.L. 
Published: February 2009

Abstract:Prior research into this issue in the U.S. and U.K. has utilized a variety of research designs and methods of testing and has produced conflicting empirical results.This Australian study develops a model of student performance which incorporates variables for academic ability, previous accounting knowledge, and mathematics background. The model allows for interactions between some of these variables. Results are tested using a multiple regression form of extended ANCOVA.The findings indicate that the hypothesis that performance in first year accounting is independent of secondary accounting education can be rejected at high levels of significance for all four years studied, both for student marks and rankings and also for aggregate marks as well as course components. The results are contrasted with previous research and the potential implications of these findings are discussed.
Developing an Accounting Information Systems Course in Australian Tertiary Institutions
Authors: Wan Victor , Choo Freddie 
Published: February 2009

Abstract:The objectives of this exploratory study are: (1) to ascertain the views of Accounting Information Systems (AIS) practitioners and academics from tertiary institutions in Australia as to which topics should be included in an AIS course, and (2) to attempt to identify a common core of topics as the basis for the design of an AIS course. The study was based on an expert opinion survey covering all tertiary institutions and all the “Big Eight” chartered accounting firms in Australia. The results of our survey provide a useful basis for drawing up the contents of an AIS course, and a benchmark against which the appropriateness of the topics in an existing AIS course may be verified.
An Empirical Test of the Arbitrage Pricing Theory on Australian Stock Returns 1974‐85
Authors: Faff Robert W. 
Published: February 2009

Abstract:This paper examines empirically, issues concerning the Arbitrage Pricing Theory (APT). Firstly, in the spirit of Chamberlain and Rothschild [1983], the existence of an approximate factor structure is explored. Secondly, following Beggs [1986] and employing a principal components approach, a test of arbitrage pricing and the importance of the error of approximation, is conducted. Finally, using a non nested framework, the APT and CAPM are tested against each other. The results show mixed support for the APT having up to 3 priced factors.
A Note on The Cost of Capital and Investment Evaluation For Companies Under the Imputation Tax
Authors: Officer R.R. 
Published: February 2009

Abstract:The 25 May, 1988, Statement of the Federal Treasurer indicated that superannuation funds are to be taxed at 15% from 1 July, 1988. Also, it has become increasingly clear that the cost of tax arbitrage is not so great that it is going to inhibit or prevent those receiving franked dividends, such as offshore investors, from selling the tax credits associated with such dividends. The net result is that franked dividends have the potential for benefitting all investors irrespective of their tax status. The outcome could substantially reduce company tax for Australian companies which in turn can be expected to have an effect on their before‐tax cost of capital and on the after‐tax cash flows but not on their before‐tax cash flows or their after‐tax cost of capital. This effect will increase the value of companies paying franked dividends.
Integrating Computers into Accounting Education: A Survey of Australian Universities and Colleges
Authors: Kent P.F. , Linnegar G.H. 
Published: February 2009

Abstract:Conflicts of ideas occur in the literature regarding the necessity and best approach in integrating computers into accounting courses in institutions of higher learning. This paper presents a report of a survey of the use of computer assisted learning in accounting curriculum in Australian universities and colleges, academics commitment to computer assisted learning and obstacles to further applications of computer assisted learning in accounting courses. The survey found that computer assisted learning has occurred mostly at an introductory level in the areas of worksheets and special purpose journals. Academics want to increase computer assisted learning in their accounting courses but are hindered by lack of financial resources, staff time, staff expertise and educationally suitable software.
COMPANY PARTICIPATION IN THE AUSTRALIAN ACCOUNTING STANDARDS SETTING PROCESS
Authors: Gavens John J. , Carnegie Garry D. , Gibson Robert W. 
Published: February 2009

Abstract:Public accessibility to the records of standard setting organisations has encouraged research into the processes involved and the final outcomes. There is also a need to examine the standard setting process by enquiries directed towards the activities of external groups with an interest in the processes. This paper details the results of enquiries into the activities of listed Australian companies towards standard setting and provides an explanation of why some firms participate in the standard setting process and others do not.
THE EFFECTS OF FORMAT ON THE EXTRACTION OF INFORMATION FROM ACCOUNTING STATEMENTS
Authors: Iselin Errol R. 
Published: February 2009

Abstract:The major objective of this research was to study the effects of three dimensions of accounting statement format on the ability of users to extract information from these statements. The three dimensions of format studied were: (1) account v report P & L statement format, (2) account v report Balance Sheet format, and (3) construction signalling. A fourth independent variable studied was learning trials. Results show that (1) the report P & L statement format produces higher extraction performance than the account format, (2) higher construction signalling results in higher extraction performance, and (3) as learning trials increase, extraction performance also increases, but at a decreasing rate. Balance Sheet format does not result in a significant main effect. However, when learning is low, and the P & L format is report, the report Balance Sheet results in higher extraction performance than the account Balance Sheet.
THE EFFECT OF THE DISTRIBUTION OF CASES ON JUDGMENTAL CONSENSUS
Authors: Trotman Ken T. 
Published: February 2009

Abstract:This paper examines the effect of the distribution of cases on the level of consensus of auditor judgments by the use of a simulation study. The results show that the level of consensus is higher on extreme cases and that overall levels of consensus are affected by the distribution of cases included in a study. Some additional insights into previous research are made and some suggestions for the design of future studies are outlined.
A NOTE ON THE ACADEMIC PERFORMANCE OF DEEP‐ELABORATIVE VERSUS SHALLOW‐REITERATIVE INFORMATION PROCESSING STUDENTS
Authors: Tan Kim , Choo Freddie 
Published: February 2009

Abstract:This paper examines the impact of deep‐elaborative versus shallow‐reiterative information processing on students' academic performance. The results show that deep‐elaborative students out‐performed their shallow‐reiterative counterparts in management accounting and accounting information systems courses.
THE IMPACT OF THE DISCLOSURE OF EXTRAORDINARY ACCOUNTING ITEMS ON RETURNS TO EQUITY
Authors: Easton Stephen 
Published: February 2009

Abstract:This paper investigates empirically the impact on returns to equity of the disclosure of unexpected extraordinary accounting items, where unexpected extraordinary items are proxied by actual extraordinary items.The paper addresses some of the methodological limitations evident in previous studies. These limitations include the failure to identify the earliest information source, and the failure to identify the announcement month. The analysis in this study uses half‐yearly reports instead of annual reports as used in previous studies, and identifies the month in which the interim results (and therefore the extraordinary items) are announced. Controls are provided for the contemporaneous announcement of operating profit and dividends, while interim reports with contemporaneously announced rights issues, bonus issues, share splits, or takeover offers, are excluded. However, one limitation which remains is the use of monthly returns. The use of daily data would provide a more sensitive test.Using cross‐sectional regression analysis, no evidence was found of an association between announcements of unexpected extraordinary items and abnormal returns to equity.
AN APPLIED IRR MODEL FOR A LEVERED PROJECT IN THE PRESENCE OF INFLATION
Authors: Sener Tulin 
Published: February 2009

Abstract:An inflation‐adjusted IRR model for the appraisal of levered projects is developed within the supply side studies framework by using the tax approach. An empirical test of the model on industrial projects has indicated that the general pattern of the project rankings was not significantly affected in the presence of inflation. However, the shifts in the ranks of the individual projects and over‐and‐under biases in the traditional accept decisions are observed. Further, all the projects have shown a magnified impact of financial leverage on the IRRs.
INDEX FUTURES OPTIONS IN AUSTRALIA ‐AN EMPIRICAL FOCUS ON VOLATILITY
Authors: Brace Alan , Hodgson Allan 
Published: February 2009

Abstract:The futures option contract on the Australian All Ordinaries Share Price Index is a relatively new hybrid security that ought to enhance the richness and potential efficiency of security markets. This paper considers the problems of valuing it using the theoretical price of a futures‐style option. It was found that there was little consistency between theoretical prices using a number of historical estimates and observed market prices, either intertemporally or between in‐the‐money or out‐of‐the‐money calls. Further, implied volatility was found to be a decaying function of time and, except at times of instability, did not predict the ex ante futures volatility as well as historic volatility.
THE VOLUNTARY PRESENTATION OF VALUE ADDED STATEMENTS IN AUSTRALIA: A POLITICAL COST PERSPECTIVE
Authors: Deegan Craig , Hallam Anthony 
Published: February 2009

Abstract:This paper explores corporate management's incentive to voluntarily disclose Value Added Statements in their yearly financial reports. Adopting a political cost perspective, hypotheses relating Value Added Statement disclosure to labour intensity, corporate tax payments, rate of return, size and industry volatility are developed. Using a sample of Australian publicly listed companies, the results of our empirical testing support the hypotheses that the decision to voluntarily disclose Value Added Statements is related to a company's size (in terms of both market concentration and profitability), a proportional measure of tax payments and the industry to which it belongs. Labour intensity and rate of return were found to be unrelated to the voluntarily disclosure of Value Added Statements.
DIRECT LABOUR COST ALLOCATION FOR A MULTI‐PRODUCT HOSPITAL LAUNDRY
Authors: Everett James E. , McLeod Paul B. 
Published: February 2009

Abstract:This paper discusses the application of correlation and regression methods to the analysis of productivity and allocation of costs in a laundry serving several hospitals, with several types of laundry being processed in the same production line. In particular, it is shown how the methods can be used to allocate the direct labour costs between the types of laundry. Analysis of residuals also permits investigation of temporal and product mix effects upon productivity. The regression paradox is discussed in relation to this problem, and it is shown that productivity is not a uniquely defined concept, because there is a difference between production being predicted from labour input and labour input being predicted from required production. Potential application of the model to other multi‐product processes is discussed.
THE DETERMINANTS OF BROKERAGE FEES IN A COMPETITIVE ENVIRONMENT
Authors: Aitken Michael J. 
Published: February 2009

Abstract:A Trade Practices Commission ruling, which came into effect on 1 April 1984, prohibited the Australian Associated Stock Exchanges (now known as the Australian Stock Exchange) from fixing brokerage fees. The expected consequence was a move to competitive pricing. Specifically, it was expected that brokerage fees would more accurately reflect the costs of providing brokerage services. This study analyses the evolution of the pricing mechanism since deregulation. In particular, it tests the influence of factors such as order size, broker quality, broker size, inventory costs, search costs, broker specialisation and broker learning on brokerage fees.
THE EFFECTS OF MANAGERIAL ROLES ON THE RELATION BETWEEN BUDGETARY PARTICIPATION AND JOB SATISFACTION
Authors: Leung Mitzi , Dunk Alan S. 
Published: February 2009

Abstract:This study examines the extent to which managerial roles moderate the relation between budgetary participation and job satisfaction. Managerial roles, defined in terms of line versus staff, may serve as a situational variable that assists in explaining the equivocal results found in studies for the association between budgetary participation and job satisfaction. The findings of this study suggest that the link between budgetary participation and job satisfaction is dependent on the role a manager undertakes in an organization. The relation between budgetary participation and job satisfaction was found to be significantly more effective for line managers than for staff managers.
VOLUNTARY DISCLOSURE OF FINANCIAL SEGMENT DATA: NEW ZEALAND EVIDENCE
Authors: Bradbury Michael E. 
Published: February 2009

Abstract:This paper reports on the voluntary financial disclosure of segment data by New Zealand companies and relates the extent of quantified segment disclosure to firm‐specific characteristics. The extent of voluntary segment disclosure varies across a sample of 29 firms listed on the New Zealand Stock Exchange. The extent of quantified segment disclosure is significantly related to firm size, financial leverage, but not to assets in place, earnings volatility or a the importance of foreign funding to the firm.
DIVIDEND POLICY AND CAPITAL STRUCTURE UNDER THE IMPUTATION TAX SYSTEM: SOME CLARIFYING COMMENTS
Authors: Howard Peter F. , Brown Robert L. 
Published: February 2009

Abstract:This paper analyses the effects of the imputation and capital gains taxes on the dividend and financing decisions of Australian companies. We develop a framework, consistent with Miller's [1977] approach, in which interactions between dividend and financing decisions can be explored. The significance of these interactions depends on both corporate dividend policy and on the relationship between personal and corporate income tax rates. We conclude that under imputation, dividend decisions are more important relative to capital structure decisions, than under the classical tax system.
THE ROLE OF COMPONENTIAL AND INTEGRATIVE KNOWLEDGE IN ACCOUNTING EDUCATION
Authors: Rodgers Waymond , Housel Thomas J. 
Published: February 2009

Abstract:This study examines the role of componential knowledge, i.e., generally accepted accounting principles, and integrative knowledge, i.e., performing LIFO and FIFO inventory analysis, in solving complex accounting problems. This study predicts a dynamic, interactive process among componentiai knowledge, integrative knowledge and problem solution. Accounting students were given training in inventory methods, and then they were given inventory problems. The results support the prediction that there is a dynamic, interactive process between componential knowledge, integrative knowledge, and problem solving. The results provide several useful new directions for accounting pedagogy research and practice.
PRINCIPAL AND AGENCY TRADES BY STOCKBROKERS ARE COMPLEMENTARY: THE WELFARE EFFECTS OF DEREGULATING AGENCY TRADING AND BANNING PRINCIPAL TRADES
Authors: Aitken Michael J. , Swan Peter L. 
Published: February 2009

Abstract:This paper models the demand for stockbrokers' services in Australia, consisting of two related services, agency trades and principal trades. The relationship between agency and principal trades is estimated. The results indicate that the two services are complements rather than substitutes. Using unique accounting information, a model of agency and principal trading activities is estimated to determine the welfare effects of (i) deregulating brokerage commissions and (ii) a ban on principal trading by brokers. The results show a sizeable welfare gain to investors (amounting to about 60% of the gross revenue of brokers) stemming from deregulation of the minimum charge for agency trades. The loss in profitability by brokers due to deregulation is also computed and shown to be negligible. The results also show that due to complementarity, a ban on principal trading, even with deregulation of agency trading, can impose an arbitrarily high cost on investors which could, in principle, offset the gains from agency deregulation.
RESPONSE OF STOCK PRICES TO MONEY SUPPLY ANNOUNCEMENTS: AUSTRALIAN EVIDENCE
Authors: Singh Ranjit Ajit 
Published: February 2009

Abstract:This paper extends the literature on the money supply announcement effect by examining the response of stock prices to the monthly announcements of the money supply made in Australia. The unexpected component of the money supply change is identified using both a market based survey of expectations and rolling ARIMA time series models. The analysis is further extended to examine the impact of the money supply announcements during the period of monetary target‐ting; the cross‐sectional impact of the announcements across various stock price indices and the pre‐ and post‐announcement responses of stock prices. The results documented show no evidence of a significant stock price response to the money supply announcements in Australia.
THE ACCURACY OF CAPM PROXIES FOR ESTIMATING A FIRM'S COST OF EQUITY
Authors: Lally Martin 
Published: February 2009

AbstractIn estimating a firm's cost of equity with the CAPM the standard procedure is to proxy the market portfolio by a share index. Since this index is not the market portfolio this may give rise to a bias in estimating the firm's cost of equity. This paper investigates this bias and concludes that it will arise if the factor coefficients are not proportional to those of the index. Even moderate departures from this proportionality condition may produce significant bias.
VOLUNTARY DISCLOSURE OF SEGMENT INFORMATION: FURTHER AUSTRALIAN EVIDENCE
Authors: Mitchell Jason D. , Chia Chris W. L. , Loh Andrew S. 
Published: February 2009

AbstractThis study provides further empirical evidence on incentives for Australian firms to voluntarily report segment information. Various economic reasons why firms may elect to present segment information have been hypothesised in previous research. Bradbury [1992] and McKinnon and Dalimunthe [1993] found firm size, minority interest and industry membership as significant identifiable characteristics motivating voluntary segmental disclosure. Variables found to be insignificant in Bradbury [1992] which were not examined by McKinnon and Dalimunthe [1993] are tested in this paper. Hypotheses relating to size, financial leverage, assets‐in‐place, earnings volatility, ownership diffusion, outside equity (minority) interest, overseas association as well as diverse and mining and oil classification hypotheses are empirically examined. Univariate tests and multivariate logit analysis suggest that for a extensive sample of diversified firms, voluntary segment disclosure is significantly related to size, leverage and involvement in mining or oil activities.
TIME VARYING RISK PREMIUM AND THE PREDICTIVE POWER OF THE AUSTRALIAN TERM STRUCTURE OF INTEREST RATES
Authors: Alles Lakshman A. 
Published: February 2009

AbstractUsing weekly data on bank accepted bills over the 1976 to 1993 period, this paper provides direct evidence of the presence of a term premium in the Australian term structure. The term premium is shown to vary over time and have an adverse effect on the predictive power of the term structure. The variance of the expected term premium is quantified in terms of its lower bound relative to the upper bound of the variance of the rational expectations error. This ratio is observed to vary over sample sub periods and rise to a high of one in some periods which include the period immediately prior to the market crash.
THE REINSURANCE DECISION IN LIFE INSURANCE FIRMS: AN EMPIRICAL TEST OF THE RISK‐BEARING HYPOTHESIS
Authors: Adams Mike 
Published: February 2009

AbstractSeveral explanations have been advanced in the financial economics literature to explain the reinsurance decision in insurance firms. Prominent amongst these is the risk‐bearing hypothesis which holds that reinsurance is motivated by the ability of residual claimants to effectively hedge against operational risk. Since the efficiency of risk‐bearing is influenced by organisational factors, such as ownership structure and firm size, the amount of reinsurance should also vary according to the characteristics of insurance firms. This study tests empirically the hypothesis that reinsurance is related to firm‐specific factors. Using 1988–1993 data gathered from New Zealand's life insurance industry, a fixed‐effects covariance regression model is estimated. Consistent with expectations, the results indicate that reinsurance is associated with smaller and more highly leveraged life insurance entities, and companies with greater underwriting risk. However, contrary to predictions, it also appears that it is stocks and companies with diversified production that tend to reinsure. The risk‐bearing hypothesis thus receives only partial support.
Converting preference shares: An Australian capital structure innovation
Authors: Davis Kevin 
Published: February 2009

AbstractConverting preference shares (prefs) are a hybrid security involving mandatory conversion into a fixed value of ordinary shares (although some issues have an option‐like conversion value payoff). This paper explains how prefs can be viewed as equivalent to an ordinary share issue plus a swap contract between “old” and “new” shareholders. This perspective is used to illustrate why prefs financing may be chosen when significant information asymmetries exist between management and outside investors. Other factors motivating the use of prefs are examined and their relevance for particular issuers and for the specific design of prefs securities analysed.
Efficient management remuneration plan design: A consideration of specific human capital investments
Authors: Deegan Craig 
Published: February 2009

AbstractThis paper investigates the contractual relationship between the manager and the firm. The results indicate that cross‐sectional variation in the components of management remuneration plans can be explained by variations in the specificity of both the manager's human capital investments and the firm's resources. Where the returns on the firm's resources are relatively more dependent upon (specific to) a particular manager, that manager is more likely to be able to negotiate his/her remuneration. The manager is also more likely to be paid on a long run contingent basis and to be offered deferred forfeitable remuneration. The results also indicate that the greater the firm‐specificity of a manager's human capital investments the greater the likelihood that the manager is offered termination compensation as part of the remuneration package.