Wells, PA, Whittred, G, Zimmer, I & Taylor, SL 2003, Financial accounting: incentive effects and economics consequences, Thomson Learning Australia, Sydney.
Czernkowski, R, a Mladenovic, R & Cousins, C 2003, 'The impact of leadership style on student learning in a first‐year accounting course', Asian Review of Accounting, vol. 11, no. 1, pp. 48-68.
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In this paper, we measure the impact of transactional leadership and transformational leadership styles on student learning outcomes. Leadership style was measured using a set of questions that were developed based on the conceptions of leadership style from Avolio, Waldman and Yammarino (1991). Student learning outcomes investigated included overall final mark achieved in the course, as well as communication skills, writing skills, critical thinking and analysis skills, study skills, reading skills and interpersonal skills. © 2003, MCB UP Limited
Ferguson, A & Crockett, A 2003, 'Information transfer and press coverage: The case of the Gawler Craton gold boom', Pacific-Basin Finance Journal, vol. 11, no. 1, pp. 101-120.
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This study examines intra-industry information transfer after Helix Resources announced a successful drill result in the Gawler Craton region of South Australia that sparked significant investor interest in mining companies with tenement holdings in the area. This study shows that the price response of competing explorers was determined by press coverage immediately following the discovery of gold, but stocks that received the most press attention in the immediate post-announcement period suffered the greatest long-term underperformance. The research is the first in capital market literature to make use of geographical information systems software technology. © 2003 Elsevier Science B.V. All rights reserved.
Ferguson, A, Francis, JR & Stokes, DJ 2003, 'The effects of firm-wide and office-level industry expertise on audit pricing', ACCOUNTING REVIEW, vol. 78, no. 2, pp. 429-448.
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This study examines the role of auditor industry expertise in the pricing of Big 5 audits in Australia. We test if the audit market prices an auditor's firm-wide industry expertise, or alternatively if the audit market only prices office-level expertise in those specific cities where the auditor is the industry leader. We document that there is an average premium of 24 percent associated with industry expertise when the auditor is both the city-specific industry leader and one of the top two firms nationally in the industry. However, the top two firms nationally do not earn a premium in cities where they are not city leaders. We further document that national leadership rankings are, in fact, driven by the specific offices where accounting firms are city leaders. Thus, the overall evidence supports that the market perception and pricing of industry expertise in Australia is primarily based on office-level industry leadership in city-specific audit markets.
Lee, M, Lee, PJ & Taylor, SL 2003, 'Unit Initial Public Offerings: Staged Equity or Signaling Mechanism?', Accounting and Finance, vol. 43, no. 1, pp. 63-85.
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We investigate the use of unit (i.e., package) initial public offerings by Australian industrial firms and conclude that their use reflects their role as a signaling mechanism (Chemmanur and Fulghieri, 1997), as distinct from the agencycost explanation offered by Schultz (1993). From a sample of 394 IPOs between 1976 and 1994, the 66 firms making unit offerings are typically riskier, use less prestigious underwriters and have a lower level of retained ownership than other IPO firms. While these results are also consistent with Schultzs agency cost explanation, other results we report are not. We find no difference in underpricing etween unit IPOs and other IPO firms, nor are there any significant differences in the planned uses of proceeds reported in the prospectus, postlisting failure rates or secondary equity offerings of the type predicted by Schultz. We do however, report evidence consistent with a prediction unique to the signaling explanation. After controlling for the level of ownership retained by insiders, the proportion of firm value sold as warrants is increasing in IPO firms riskiness.
Pike, RV & Lanis, R 2003, 'Hyperlinking Audited Financial Statements to Unaudited Information in the Presence of the WebTrust Logo: Hodge's Model Revised', International Journal of Auditing, vol. 7, no. 2, pp. 143-154.
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This paper identifies a possible relationship between WebTrust, initiated by the AICPA/CICA as an attestation service for web sites, and the potentially misleading effect of hyperlinking audited financial statements to unaudited information. We argue that firms hyperlinking such information increase the perceived credibility of the unaudited information, which may be exacerbated by the presence of a recognisable, symbolically trustworthy logo. We formulate testable hypotheses by modifying an existing theoretical framework which relates to hyperlinked materials and their effect on investor judgements. The amended model extends to all potential users of financial information and incorporates the web‐based assurance logo of WebTrust. We anticipate that this model will become instrumental in determining the extent of any expectation gap regarding user perceptions, thus facilitating the process of recommending policies to eliminate the potentially misleading effects of web‐based financial information and therefore limiting the risk of corporate fraud and the legal liability of auditors.
Shan, Y & Xu, J 2003, 'Structural changes in volatility of Chinese stock market: Date, implications and causations', China Journal of Finance, vol. 1, no. 3, pp. 160-191.
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Using endogenous breakpoint detection methodology, this paper presents an analysis of the behavior of Chinese stock market volatility. The analysis suggests that volatility has behaved in a different manner over the period 1992-2003. From 1997 to 2003, after the implement of price limits, volatility dynamics in the Chinese stock market has been characterized by a lower level and lower persistence. Except for price limits, this effect may be partly attributable to market structure change, including the evolution of market efficiency and the effect of trading volume, as well as the fundamental changes of market regulation and investor behavior.
Wieder, B & Ossimitz, M 1970, 'Data warehouses and multi-dimensional performance analysis - new dimensions in management accounting', 6th Manufacturing Accounting Research Conference, --, Twente, Netherland.
Wieder, B & Davis, D SAP 2003, SAP case study - mySAP supply chain management at Parbury FHS, pp. 1-38, SAP website.
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Brown, DA 2003, 'Performance management of information technology investments: a balanced scorecard approach (Acct paper #61)'.
