- Accounting - Research Publications
Accounting - Research Publications
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ItemA multi-method approach to building causal performance maps from expert knowledgeAbernethy, MA ; Horne, M ; Lillis, AM ; Malina, MA ; Selto, FH (Elsevier BV, 2005-06-01)
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ItemSeasonality in fund performance: An examination of the portfolio holdings and trades of investment managersGallagher, DR ; Pinnuck, M (WILEY, 2006-09-01)Abstract: This study examines the extent to which seasonal variation arises across calendar months in the performance of active Australian equity managers. While it is well documented that there is seasonality in equity market returns, it is unknown whether calendar month variation in managed fund performance exists. Employing a unique database of monthly stock holdings, we find evidence consistent with systematic variation in the risk‐adjusted performance of active investment managers over the calendar year. Specifically, we find fund performance is higher in the months when corporate earnings are announced. We also document that the performance of fund managers is lower in the months preceding the tax year‐end. Finally, we report evidence that investment manager performance is greater than normal in December, possibly due to both window dressing and the Christmas holiday effect. These findings have important implications for investors attempting to exploit anomalies in fund returns by timing their entry and exit points from active equity funds.
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ItemDoing Quantitative Field Research in Management AccountingAnderson, SW ; Widener, SK ; Chapman, C ; Hopwood, A ; Shields, M (Elsevier, 2006-12-01)
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ItemManaging Costs and Cost Structure throughout the Value Chain: Research on Strategic Cost ManagementANDERSON, S. (Elsevier Science, 2007)
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ItemAccounting and Control in Health Care: Behavioural, Organisational, Sociological and Critical PerspectivesAbernethy, MA ; Chua, WF ; Grafton, J ; Mahama, H ; Chapman, CS ; Hopwood, AG ; Shields, MD (ELSEVIER SCIENCE BV, 2007)
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ItemPower, organization design and managerial behaviourAbernethy, MA ; Vagnoni, E (PERGAMON-ELSEVIER SCIENCE LTD, 2004-04-01)
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ItemProfits versus Losses: Does Reporting an Accounting Loss Act as a Heuristic Trigger to Exercise the Abandonment Option and Divest Employees?PINNUCK, M ; LILLIS, A (American Accounting Association, 2007)The binary classification of firms into profits or losses represents a powerful heuristic. The literature that has examined the impact on the firm of this earnings heuristic has focused on the earnings management actions of small profit firms. The impact of this earnings heuristic on the actions of firms reporting accounting losses and the decision-making effects the heuristic may have other than earnings management have not been examined. In this study we hypothesize that reporting an accounting loss acts as a heuristic trigger for firms to exercise the abandonment option and discard unproductive investments. The results are consistent with the hypothesis. We find that there is a sharp and economically significant discontinuity around zero in the level of investment in labor between small profit and small loss firms. The discontinuity is due to loss firms having a lower-than-expected level of investment in labor, given their economic fundamentals. Further tests show that this discontinuity is due to the exercise of the abandonment option. We find that firms switching from a profit to a loss cut labor to a greater extent than other firms with similar changes in earnings that do not pass the loss threshold. Taken together the results are consistent with the accounting loss heuristic acting as a major disciplinary or incentive altering event that resolves agency problems.
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ItemRestructuring the management accounting function: A note on the effect of role involvement on innovativenessEmsley, D (Elsevier BV, 2005-06)
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ItemThe Relationship between Trust and Control in International Joint Ventures: Evidence from the Airline Industry*Emsley, D ; Kidon, F (Wiley, 2007-09)
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ItemMarket effects of recognition and disclosureBarth, ME ; Clinch, G ; Shibano, T (BLACKWELL PUBLISHERS, 2003-09)Abstract Our recognition and disclosure model reveals that price informativeness is determined by the interaction of the qualities of three information sources—the recognized amount, the disclosed information, and the information revealed by price—and accounting expertise acquisition. It also reveals that recognition of an accounting amount alters each of these, thereby affecting price informativeness. Perhaps surprisingly, we find that recognition of a highly unreliable accounting amount, rather than simply disclosing it, can result in greater price informativeness. Likewise, recognition of a highly reliable amount can result in lower price informativeness. Our findings suggest that, because of the effects of aggregation, basing recognition decisions on reliability alone is too simplistic. Reliability relative to relevance is key, not reliability per se. We also find that recognition and disclosure affect the coefficients in a regression of price on accounting amounts.