In this paper we provide new evidence on the relationship between internal governance structures (board composition and ownership concentration) and audit fees of UK industrial quoted companies, before the recommendations of the Cadbury Committee were implemented. We also develop a new...

This article discusses the external auditing regime of NHS trusts and analyses the fees charged by their auditors. It adapts approaches developed in the private sector to investigate audit fees paid by NHS trusts and finds that, while similar factors are associated with the audit fees of trusts,...

We examine how NHS trust audit and non-audit (consultancy) fees changed between 1997 and 2004, providing longitudinal evidence during a period of increased public expenditure and rapid restructuring. We find that audit fees rose dramatically over the period, though non-audit fees fell...

Despite displaying a statistically significant optimism bias, analysts' earnings forecasts are an important input to investors' valuation models. Understanding the possible reasons for any bias is important if information is to be extracted from earnings forecasts and used optimally by...

National Health Service trusts are required to report publicly on two distinct aspects of their activities: finance and patient care. Financial information is included in an annual report and accounts, while patient care performance is released in league tables as part of the Patient’s...

This article discusses the external auditing regime of NHS trusts and analyses the fees charged by their auditors. It adapts approaches developed in the private sector to investigate audit fees paid by NHS trusts and finds that, while similar factors are associated with the audit fees of trusts,...

The decision of whether to buy, hold or sell equities depends on whether the current price reflects the stock’s intrinsic or fundamental value. The residual income valuation model expresses this fundamental value as a function of current book value of equity plus the sum of discounted expected...