This study uses recent developments in the theoretical modelling of the links between unrecorded accounting goodwill, accounting profitability and the cost of equity, together with Capital Asset Pricing Model (CAPM) betas, to estimate the ex-ante equity risk premium in the UK. The results...

This paper extends the methodology for the economic analysis of tropospheric ozone regulation reported in Repetto (1987). Firstly, the acid rain objective is explicitly incorporated by assigning an additional benefit to the acidifying precursors of ozone. Secondly, we introduce the transboundary...

In this paper, we investigate whether business start-ups in need for external financing manage their earnings in the years prior to obtaining a first bank loan. Newly established firms typically face valuable growth opportunities whereas their external financing sources usually are limited to...

Due to the increased competition on capital markets and given the global importance of US markets, IFRS and US GAAP are competing to become the world standards set. Although comparable in many aspects, IFRS and US GAAP still differ in accounting for some transactions. This paper addresses the...